Zoopla.co.uk house estimates

[Asterix]

Anyone have any knowledge on how accurate it is?

http://www.zoopla.co.uk/

Just 'refined' the details of a place we exchanged on last month and either we got one hell of a bargain or the estimate is way too high - 100k above what we paid!

[Penny-lope]

Yeh I found the same....27 grand over what I paid 2 months ago

[Asterix]

Hmmmmmm - ours shows an increase of over 30k for the last 3 months.

Obviously a bit optimistic then.

Edited by Asterix on Wednesday 14th October 18:08

[Coco H]

What I found interesting was we bought a renovation project. We have done a lot of extending - and they appear to have taken this into account - i.e. they seem to know the new no of bedrooms bathrooms and reception rooms - presumably taken from the planning application?

[wiffmaster]

The estimate has always been way out in my experience. Not one property I've put through it has been anything near right. At best it's been around £30k out and at worst £1.2 million out. It seems to just take an average based on the postcode and any past sale prices available (and past sale prices very often do not show up on these sorts of website). Take what it says with a generous pinch of salt.

[Tuna]

It's estimated the value of our place from the last sale price - which was for the land only and a derelict house. Either it's a very long way off, or we have a very bad case of negative equity.

[bga]

Zoopla has undervalued the flat I have just sold (South London) by £60k and overvalued the place we are buying (West Sussex) by £40k.
I am reasonably comfortable that the price we sold at and the price we are buying at are reasonably reflective of the local markets.

[M-J-B]

I hope it's correct as the figure given makes me very, VERY happy